Mazagon Dock shares surged 17.70% to Rs 3989 from the previous close of Rs 3389.05 on BSE. The firm’s market capitalization increased to Rs 77,197 crore on the BSE. Mazagon Dock Shipbuilders’ shares rose 17% to a record high in the afternoon session today. On BSE, the multi-bagger defense stock rose 17.70% to a high of Rs 3989, up from the previous closing of Rs 3389.05. Total 5.55 lakh shares of the company changed hands, resulting in a turnover of Rs 205 crore. Mazagon Dock’s market capitalization grew to Rs 77,197 crore on the BSE.
Mazagon Dock’s share price has risen 272% in a year and 103% in three months. The multi-bagger stock rose 68% in 2024 and 1415% in two years. Mazagon Dock’s shares have a one-year beta of 1.1, indicating strong volatility throughout that period. Mazagon Dock’s relative strength index (RSI) is 64.7, indicating that it is not overbought or oversold. Mazagon Dock’s stock is trading higher above the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, and 200 day moving averages. Kushal Gandhi, Technical Analyst at StoxBox, has set a price target of Rs 4560 for the company.
“After a bullish breakout from a volatility contraction pattern, price action increased by nearly 40%.” As a way of profit-taking, the stock retraced to retest the breakout zone, resulting in a significant technical decline from the 50 daily MA. With this, the price action has performed a bullish breakout from a mini-rounding bottom, indicating that the trend will continue. The stock has high earnings per share, price, sector strength, and buyer demand. “We recommend buying Mazagon Dock for Rs 4560 with a protective stop at Rs 3209,” Gandhi added. Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, believes the stock will reach Rs 4,000 in the near term.
“With the defense pack gaining momentum, Mazagon Dock has seen a substantial surge in the last two sessions, indicating a breakthrough above the previous peak zone of Rs 3478 levels and into new territory with a strong bias maintained. “With the RSI returning to a strong zone after cooling off from the highly overbought zone, further upside potential is visible, with next higher targets expected at Rs 3720 and Rs 4040 levels in the coming days, with Rs 3300 currently serving as the support zone,” said Koothupalakkal.
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